Homework Answers
Answer: 4th option
Gross profit = Sales – Cost of goods sold
= 16.650,000 – 9,990,000
= 6,660,000
Net income before tax = Gross profit – (Depreciation + Interest + Selling)
= 6,660,000 – (832,500 + 825,000 + 1,665,000)
= 6,660,000 – 3,322,500
= 3,337,500
Net income after tax = Net income before tax × (1 – tax rate
= 3,337,500 × (1 – 0.34)
= 3,337,500 × 0.66
= 2,202,750
Add Answer to:
Question 16 (0.2 points) United Brands Corp. just completed their latest fiscal year. The firm had...
The following is an income statement for Flux Corp. for its most recent fiscal year. The...
The following is an income statement for Flux Corp. for its most recent fiscal year. The controller for the company, Marjorie Summit, has asked you to review the statement and make any required corrections to it and submit a memo to her. Multiphone Corp. Income Statement As of December 31, 2019 Sales revenue Cost of goods sold Gross profit $ 975,000 330,000 645,000 Operating expenses: General and administrative expenses Interest expense Selling expenses Loss from inventory write-down Total operating expenses...
. The Ragin Cajun had an operating income (EBIT of $260,000 last year The firm had...
. The Ragin Cajun had an operating income (EBIT of $260,000 last year The firm had $18,000 in depreciation expenses, $15,000 in interest expenses, and S60,000 in selling, general, and administrative expenses. If the Cajun has a marginal tax rate of 40 percent, what was its net income for last year? 2 Vroom Vroom Motors is in the 40% tax bracket and has preferred stock dividends due of S3,000 and 15,000 common stock shares outstanding. Based on this information, what...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
I need help with this question. The following data from the just completed year are taken...
I need help with this question.
The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 85,000 $ 131,080 $ 194,000 $ 44,000 $207,000 $ 224,000 Inventories Raut materials Work in process Finished goods Beginning $ 8,798 $ 5,700 $ 78,000 Ending $ 10, 209 $ 20,300 $25,200...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company: $658,000 $ 84,000 $131,000 $105,000 $50,000 $209,000 $227,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Beginning Ending 8,800 $10, 700 $ 5,500 $20, 000 $71,000 $25,400 Inventories Raw materials Work in process Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials...
Presented below is information related to Burge Corp., for the year ending December 31,2020. Net sales...
Presented below is information related to Burge Corp., for the year ending December 31,2020. Net sales $1,950,000 Cost of goods sold 1,200,000 Selling expenses 95,000 Administrative expenses 70,000 Dividend revenue 30,000 Interest revenue 20,000 Interest expense 45,000 Write-off of goodwill due to impairment 75,000 Depreciation expense omitted in 2015 105,000 Dividends declared 120,000 Effect on prior years of change in accounting principle (credit) 220,000 Loss from operations of discontinued component of business 240,000 Gain from disposal of component of business...
For the just completed year, Hanna Company had net income of $82,500. Balances in the company’s...
For the just completed year, Hanna Company had net income of $82,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 60,000 $ 76,000 Accounts receivable $ 168,000 $ 182,000 Inventory $ 430,000 $ 346,000 Prepaid expenses $ 12,000 $ 13,000 Current liabilities: Accounts payable $ 364,000 $ 394,000 Accrued liabilities $ 8,000...
ICP 3 Bundy Corp. manufactures luxury toys for specialty toy stores. For the year just ended,...
ICP 3 Bundy Corp. manufactures luxury toys for specialty toy stores. For the year just ended, Bundy had sales of 900 units and had the following operating results: Bundy Corp. Variable costing income statement For the year ended December 31 $1,800,000 Sales Variable costs: Manufacturing Selling and administrative 630,000 360,000 990,000 Contribution margin 810,000 Fixed costs: Manufacturing Selling Administrative 180,000 225,000 90.000 495,000 Operating income Income taxes (40%) 315,000 126,000 Net income $ 189,000 Bundy has a capacity of 1,500...
A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below....
A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Income Statement (summarized) in millions of U.S. dollars) Current Year Previous Year S 2.075 100% S 2.250 1,741 366 14 24 Sales Revenues 1001% Cost of Goods Sold 1,617 78 Selling, General, and Administrative Expenses353 16...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31,...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31, 2018 Net sales: $642,600 Cost of sales:$(320,020) Gross profit:$322,580 Advertising and promotion expenses:$(71,920) Selling and Administrative Expenses:$(144,550) Operating expenses:$(216,470) Operating income:$106,110 Interest expense:$(7,530) Interest income:$810 Other nonoperating income:$(320) Income before income taxes:$99,070 Provision for income taxes:$(21,220) Net income:$77,850 The company's statutory tax rate is 36.5%. Apa Corp.s tax rate on operating profit is: 20.70 % 21.13% 21.56 % 21.99 % 22.42% For the Dessert...
The following is an income statement for Flux Corp. for its most recent fiscal year. The controller for the company, Marjorie Summit, has asked you to review the statement and make any required corrections to it and submit a memo to her. Multiphone Corp. Income Statement As of December 31, 2019 Sales revenue Cost of goods sold Gross profit $ 975,000 330,000 645,000 Operating expenses: General and administrative expenses Interest expense Selling expenses Loss from inventory write-down Total operating expenses...
. The Ragin Cajun had an operating income (EBIT of $260,000 last year The firm had $18,000 in depreciation expenses, $15,000 in interest expenses, and S60,000 in selling, general, and administrative expenses. If the Cajun has a marginal tax rate of 40 percent, what was its net income for last year? 2 Vroom Vroom Motors is in the 40% tax bracket and has preferred stock dividends due of S3,000 and 15,000 common stock shares outstanding. Based on this information, what...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
I need help with this question.
The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 652,000 $ 85,000 $ 131,080 $ 194,000 $ 44,000 $207,000 $ 224,000 Inventories Raut materials Work in process Finished goods Beginning $ 8,798 $ 5,700 $ 78,000 Ending $ 10, 209 $ 20,300 $25,200...
The following data from the just completed year are taken from the accounting records of Mason Company: $658,000 $ 84,000 $131,000 $105,000 $50,000 $209,000 $227,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Beginning Ending 8,800 $10, 700 $ 5,500 $20, 000 $71,000 $25,400 Inventories Raw materials Work in process Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials...
ICP 3 Bundy Corp. manufactures luxury toys for specialty toy stores. For the year just ended, Bundy had sales of 900 units and had the following operating results: Bundy Corp. Variable costing income statement For the year ended December 31 $1,800,000 Sales Variable costs: Manufacturing Selling and administrative 630,000 360,000 990,000 Contribution margin 810,000 Fixed costs: Manufacturing Selling Administrative 180,000 225,000 90.000 495,000 Operating income Income taxes (40%) 315,000 126,000 Net income $ 189,000 Bundy has a capacity of 1,500...
A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Income Statement (summarized) in millions of U.S. dollars) Current Year Previous Year S 2.075 100% S 2.250 1,741 366 14 24 Sales Revenues 1001% Cost of Goods Sold 1,617 78 Selling, General, and Administrative Expenses353 16...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31, 2018 Net sales: $642,600 Cost of sales:$(320,020) Gross profit:$322,580 Advertising and promotion expenses:$(71,920) Selling and Administrative Expenses:$(144,550) Operating expenses:$(216,470) Operating income:$106,110 Interest expense:$(7,530) Interest income:$810 Other nonoperating income:$(320) Income before income taxes:$99,070 Provision for income taxes:$(21,220) Net income:$77,850 The company's statutory tax rate is 36.5%. Apa Corp.s tax rate on operating profit is: 20.70 % 21.13% 21.56 % 21.99 % 22.42% For the Dessert...
Most questions answered within 3 hours.
-
Adria Lopez, owner of Success Systems, decides to prepare a
statement of cash flows for her...
asked 17 minutes ago -
The reach and involvement of the federal government, in terms of
its role in disaster relief,...
asked 20 minutes ago -
Problem: The equilibrium constant, Keq, is 5 x 10^-11 m HCO3
<-----------> H^+ + CO3^-2 Calculate...
asked 27 minutes ago -
Explain how blackbody radiation led to the idea of "quanta."
Will rate answer!
asked 33 minutes ago -
Two noble gases (Ne and He) are injected into the chambers of an
insulated container. Each...
asked 27 minutes ago -
Suppose you purchase a zero coupon bond with a face value of
$1,000, maturing in 18...
asked 32 minutes ago -
Do you believe that the $785,000 amount at the center of the
Overstock-Grant Thornton dispute was...
asked 33 minutes ago -
Find and , the mean and standard deviation of the
sampling distribution of :
μ = 25,...
asked 57 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 1 hour ago -
A Eucher Deck consists of 24 cards. In a four- player game, each
player is dealt...
asked 1 hour ago -
This is a challenging question.
The titration of an impure sample of KHP found that 36.00...
asked 1 hour ago -
1. Starting from rest, an automatic subway train is controlled
by a computer
that causes it’s...
asked 57 minutes ago